AmWINS talks $100 million tap of 7¾% notes due 2026 at 105.5-106; pricing Tuesday

By Paul A. Harris

Portland, Ore., Sept. 22 – AmWINS Group Inc. is in the market with a drive-by $100 million add-on to its 7¾% senior notes due July 1, 2026 (existing ratings B3/B-), according to a syndicate source.

The deal is talked at 105.5 to 106.

Books close at noon ET on Tuesday, and the Rule 144A and Regulation S for life notes are set to price thereafter.

Goldman Sachs & Co. LLC is the left bookrunner. Barclays, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are the joint bookrunners.

The notes become callable on July 1, 2021 at 105.813.

The Charlotte, N.C.-based specialty insurance broker plans to use the proceeds, together with term loans and cash on hand, to declare a dividend payable to its parent, American Wholesale Insurance Holdings LLC, which will use the funds to declare a pro rata distribution payable to its owners, and make payments of up to $650 million to certain holders of stock options of AmWINS Group and unvested units of Holdings required in connection with such a dividend, subject to maintaining unrestricted cash and cash equivalents, after payment of these restricted payments, of no less than $145 million.

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